DUBLIN, Ireland - Living in Dublin today, is more costlier than living in notoriously expensive places like Abu Dhabi and Silicon Valley, and even central London.
According to a new cost of living survey commissioned by ECA International, for the first time since 2014, Dublin has found a spot in the top 100 most expensive cities to live list.
The survey found that Dublin has jumped 48 places to enter the top 100 list of the most expensive places to live in the world at number 72 from last year’s 120th rank.
ECA International said that the survey investigates the varying level of household expense in cities around the globe.
The surveyors said that they compare a basket of like-for-like consumer goods and services in 475 worldwide locations.
However, rental accommodation levels are not factored into the survey.
The survey even pointed out that Dublin is now more expensive to live in than other notoriously expensive places to live in including Abu Dhabi and Silicon Valley, and even central London.
ECA has been running the survey for the past 45 years and said in its latest report that a strong euro is the main reason for the rise on the list of so many European cities.
Steven Kilfedder, production manager with ECA said, “This is the first time Dublin has been in the top 100 since 2014, making it more expensive for expats and visitors travelling to Ireland. Thanks to the strength of the euro, Dublin is one of 18 European cities to enter the top 100 most expensive cities in the world this year.”
According to the surveyors, when it comes to goods and services, a stick of butter is the standout price-mover for 2018.
In Europe, due to a slowdown in milk production, the cost of the dairy product has jumped up to 28 percent and the survey showed that the greatest increases were seen in Austria and Poland.
Meanwhile, according to ECA, Switzerland has four out of the top five most expensive cities to live in on earth including Zurich, Geneva, Basel, and Bern.
Meanwhile, London fell out of the list of top 100 most expensive cities - finding a spot on the 109th position in this year’s survey.
In the U.K., Belfast was identified as the cheapest city to live in.
And the survey showed that the cost of living in U.S. cities dropped significantly due to a concurrent drop in the value of the dollar.
The dubious honor of being the world’s most expensive city to live in went to the Venezuelan capital, Caracas and the hyperinflation seen in the South American country was cited as the reason.
Kilfedder pointed out that hyper-inflation in Caracas over the past year was the cause of its first-place ranking.
He said, “The economic situation in Venezuela has become increasingly volatile, with inflation reaching an astounding 7,000 percent in the year to March 2018, and 1,800 percent over the last six months alone. The cost of goods has increased exponentially as the economic and political situation has deteriorated."